Break Up India’s Biggest Firms, Ex-Central Banker Acharya Says

Break Up India’s Biggest Firms, Ex-Central Banker Acharya Says

India’s biggest conglomerates, which wield immense pricing power in the retail, resources and telecommunication sectors, are contributing to elevated inflation and should be broken up, a former central banker said.

Break up India’s biggest companies, former deputy governor of RBI Viral Acharya says

India's largest conglomerates have contributed to elevated inflation in the country and should be broken up, according to former Reserve Bank of India deputy governor Viral Acharya. The so-called “Big 5” – Reliance Group, Tata Group, Aditya Birla Group, Adani Group and Bharti Telecom – have grown at the expense of smaller local firms.

Break up India’s biggest firms, says former RBI deputy governor Viral Acharya

The “Big 5” consisting of Reliance Group, Tata Group, Aditya Birla Group, Adani Group and Bharti Telecom have grown at the expense of smaller local firms, said Viral Acharya who was Reserve Bank of India deputy governor between 2017 and 2019. At the same time, the government’s “sky-high tariffs” have shielded these conglomerates from competition by foreign firms.